Gexecuter: Really? so i can basically sit on my ass and watch the money roll in? is there a catch?
TheJoe: Yes you need to pay the Master Craftsman a cut of everything you make.
I wouldn't suggest hiring one until you have multiple businesses (but even when I owned the whole of Berlin I still ran everything myself)
IIRC, the master gets paid like every other staff member (much more, though). So, it's not a pay-per-piece system.
I agree on only having a master once you have multiple businesses: if you only have one, and a master runs that, where's the fun?
(Also, a personal note: they can be bugged. Once I had a church in London which I assigned to a priest, and he produced NOTHING, even though I set him to make certain items, and he had control over everything (so he could buy the necessary ingredients if they were lacking). I had to take back the control over the church to make some profit with it.)